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Many people have bad credit for several reasons. These include late payments, defaulted loans, applying for credit cards too often, or filing for bankruptcy. If you have bad credit, it’s easy to get approved for short-term options such as payday loans, pawnshop loans, car title loans, or personal installment loans.
Even people who have bad credit have options for taking out personal loans. For example, if your credit score is 579 or lower, unsecured loans can give you fast funding for unexpected expenses. When you’re taking out a personal loan, investigate lenders’ transparent terms, prices, and borrowing limits, calculate what you will pay in interest, how soon you need to repay borrowed funds, and how fast you can secure the loan.
According to personal finance experts like Forbes Finance and Investopedia, Upgrade leads the way for consumers with low credit to secure a reliable personal loan.
Upgrade has a score of 4.3 out of a possible 5 points. One of its best features is an autopay discount that lowers the interest rate from 5.94% to 35.97% APR.
Minimum credit score:
550
Time to receive a loan:
Same-day funding for approved borrowers
Borrowing limits:
$1,000-$50000
Pros
Upgrade allows you to borrow as little as $1,000 with a credit score as low as 550, and you may get a lower rate if you apply with a co-applicant and receive loan approval. In addition, the online application process is easy, and you can pre-qualify without hurting your credit.
Cons 
If your goal is to secure a quick loan to cover a personal crisis, Rocket Loans scores a 4.2 on some finance guru’s top personal loans for poor credit lists. With same-day funding up to $45,000 upon approval and 6.72%-29.99% APR with an Autopay Discount, Rocket Loans lives up to its light-speed reputation.
Remember that Rocket Loans will need to verify your info and give your bank time to process the funds before you can lay your hands on any cash.
Minimum credit score:
580
Estimated time to receive a loan:
Next day funding
Borrowing limits:
$2,000-$45,0000
Pros
Cons
Avant can be a good option if you want to consolidate debt with this loan lender. Avant allows you to consolidate all your loans into one monthly payment. This is helpful if you struggle to keep track of or pay multiple separate loan payments on time. Rated 4.1 by Investopedia for low-credit consumers, Avant also offers 9.95%-35.99% APR on personal loans.
Minimum credit score:
580
Estimated time to receive a loan:
1–2-day funding
Borrowing limits:
$2,000-$35,0000
If low fees are important to you, head over to LendingPoint. Scoring at 4.1, this lender charges a 6% origination fee deducted from your overall loan amount but tends to offer lower fees than other lenders. You can expect a standard range of 9.99%-35.99% APR. If approved, you should receive loan funds within one day.
Minimum credit score:
600
Estimated time to receive a loan:
One day
Borrowing limits:
$2,000-$35,000
Pros
Cons
If your credit falls below the 550 – 600 baseline requirements for some of these loans listed, don’t despair. Simple Fast Loans has several lending options for eligible borrowers even those with very low credit scores. They also offer flexible repayment options and a simple application process. Just be ready with your proof of ID.
Minimum credit score:
All scores welcome
Estimated time to receive a loan:
By the end of the next banking day
Borrowing limits:
$200-$3,000
Pros 
Cons
If you have bad credit, this can restrict your access to safe loans with better terms and lower APR rates. On the other hand, you’re more likely to get approved if you apply with a joint applicant with excellent credit and good payment history. You can also use auto-pay and throw any extra income towards paying off current debt.
Here are 3 top ways to indicate if you’re eligible when you apply for a personal loan with low credit.
Scott Brennan is the publisher of this newspaper and founder of Access Publishing. Connect with him on Paso Robles Daily News on Google, Twitter, LinkedIn, or follow his blog.
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